Leidos has posted a 7% year-over-year (YoY) growth in third-quarter 2021 revenues to $3.48bn compared to $3.242bn in the last year period.
The company has attributed the increase to revenue growth across all its reportable segments. The surge in veterans’ disability examinations and the Navy Next Generation IT contract start-up were identified as major contributors.
Leidos’ net income for the quarter was $208m, a 28% jump compared to $163m in Q3 2020.
Diluted earnings per share (EPS) was $1.43 against $1.13, up 27% from the previous year quarter.
Adjusted EBITDA was $403m and adjusted EBITDA margin increased from 10.7% to 11.6%.
Furthermore, net bookings in the quarter stood at $4.7bn and the company generated net cash from its operating activities of $565m. It had a $34.7bn backlog at the end of the quarter.
Leidos chairman and CEO Roger Krone said: “The third quarter marked another strong quarter for Leidos, with record levels of revenues, adjusted EBITDA, non-GAAP diluted EPS, and backlog.
“Our success is the direct result of building a business portfolio focused on vital missions and a workforce that is motivated to enhance those missions through technology, engineering, and science.
“As we described at our October Investor Day, we see continued success ahead based on our scale, positioning, and talented people.”
For the fiscal year 2021, the company’s revenue is expected to be between $13.7bn and $13.9bn according to the revised guidance.
Leidos is headquartered in Reston, Virginia, US. It is a provider of IT, engineering, and science-related services and solutions to defence, intelligence, civil and other related markets. The company employs around 39,000 people.